Tom,the Manager of Floral Shop,is Interested in Implementing the Principles

question 41

Multiple Choice

Tom,the manager of floral shop,is interested in implementing the principles of administrative management,which involves

• A)doing time-motion studies.
• B)focusing on unprofitable parts of an organization.
• C)increasing synergy.
• D)managing the total organization.
• E)implementing MBO.

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Definitions:

Artificially Scarce Good

A product or service whose availability is limited due to artificial constraints, such as legal restrictions or monopolistic practices, rather than natural scarcities.

Competitive Market

A market structure where many firms offer products or services that are similar, allowing consumers to find substitutes easily.

Efficient Price

A market price that reflects all available information and results in an allocation of resources that maximizes overall utility.

Marginal Cost

The incurred cost from generating one more unit of a product or service.